BoE, PRA and FCA are consulting on making the process of complaining about the regulators easier. The main changes are to use plainer language and make the scheme more user friendly to its main users, who are consumers and small businesses.
The consultation follows many recommendations by the Complaints Commissioner in relation to recent complaints.
The consultation also proposes a better description of the approach to ex-gratia payments which should make it easier for complainants to understand what they can and cannot expect from the Scheme. The consultation explains the reasons why payments are modest, and proposes a better distinction between compensatory payments and those that cover financial losses. There is also proposed clarification vexatious complaints.
The hope is that complainants will find it easier to work out how to use the scheme, that more complainants will have realistic expectations of what it can do for them and that the regulators and the Complaints Commissioner will need to spend less time explaining what the Scheme can and cannot do.
Consultation closes on 14 September.